Catalent reaches settlement with Elliot to explore strategic review

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The statement confirmed a Reuters report on Monday that such a settlement was imminent.

The company has been seeking to return to growth and cut costs as production snags and regulatory inspections at three of its key facilities hit profit margins, and subsequent accounting issues led it to repeatedly delay its results earlier this year.

Separately, Catalent (NYSE:CTLT) Inc said it was delaying its annual report.

It reported a 17% fall in quarterly revenue on Tuesday, hurt by persistent production-related challenges at the contract drug manufacturer’s major facilities.